The Fed statement said the decision to keep rates unchanged was unanimous.
In a statement, the Federal Open Market Committee said it aims to achieve maximum employment and 2 percent inflation over the longer term.
In a statement, the committee said last year that the risks to achieving its employment and inflation objectives were moving toward a more balanced position, and that the economic outlook remained uncertain and it would remain extremely cautious on inflation risks.
The statement reported that in support of this goal, the decision was made to hold the target range for the federal funds rate constant at 5.25-5.50 percent.
No change in interest rates for seven consecutive meetings
In response to high inflation in the United States, the Federal Reserve completed its asset purchase operations and began raising interest rates in 2022, and has raised interest rates 11 times since March 2022, for a total of 525 basis points.
These increases took the central bank’s policy rate to a range of 5.25-5.50 percent, the highest level since 2001.
The Fed’s decision marks the seventh consecutive meeting in which it has kept interest rates on hold, keeping them in their current range. The last time the bank raised interest rates by 25 basis points was in July 2023.
U.S. inflation fell to a lower-than-expected 3.3% annual rate in May after reaching a 9% annual rate in June 2022, the highest level since 1981.
